Orosur Mining Inc - Colombia update
Orosur Mining Inc - Colombia update
• High grade and highly anomalous rock chip, channel and soil samples
across a wide area at Pepas increase the prospectivity of the region.
• Historical sampling results from the El Cedro and El Roble prospects
suggest highly prospective porphyry system that the Company plans to
follow up in the near term.
London, October 22nd 2024 . Orosur Mining Inc. ("Orosur" or the
"Company") (TSXV/AIM:OMI), is pleased to announce an update on the progress of
exploration activities at the Company's Anzá Project ("Project") in Colombia.
As announced on September 10th 2024, the Company has signed a definitive, binding
Share Purchase Agreement ("SPA") that once completed, would see the Company
returning to 100% ownership of the Anzá Project, in return for deferred, production
based consideration.
The Anzá project comprises a number of granted exploration licences and applications
on the prolific Mid-Cauca belt of Colombia, approximately 50km west of Medellin. The
total licence package previously under joint venture currently totalled some 175km2 in
area, however the size of the Project may increase substantially with additional
applications made by the Company and acquired as part of the SPA.
Figure 1. Anzá Project - Prospect Locations
Pepas Prospect
The Pepas Prospect is in the northern extents of the Anzá Project, over 10km north of
the central base at APTA.
Field work commenced at Pepas in late 2021 as the gradual abatement of Covid
allowed field crews to venture further afield from APTA base.
Mapping work by the Company's JV partner identified Pepas as a small window of
attractive altered tuffs and other volcanics, roughly 1000m x 500m in size, along the
main structure thought to control mineralisation in the vicinity (Figure 2).
Figure 2, Pepas Prospect.
The area is rugged, thickly wooded and heavily weathered, with sparse
outcrop. Where identified, rock chip samples were taken and this work identified
highly anomalous results, with assays at times in excess of several grammes per
tonne of gold over a wid e area (Figure 3). In particular, a small outcrop of silicified
tuff, roughly 20m2 in size was identified and channel sampled in early 2022, returning
assays between 3.41g/t Au to 95.5g/t Au.
Drilling of hole PEP -001 was commenced in June 2022, positioned to intersect the
interpreted depth extension of this anomalous outcrop. Assay results from PEP -001,
announced on September 6 th, 2022, showed high grade gold mineralisation from
surface, with the hole returning a composite intersection of 150.90m @ 3.0g/t Au from
surface.
Two additional holes were then drilled from this same pad, with results announced on
October 21 st 2022, with PEP -005 returning 35.5m @ 2.12g/t Au and PEP -007
returning 80.55m @ 3.05g/t Au. (Figure 3).
Later holes at the Pepas prosect were drilled some considerable distance from this
original drill pad, and did not return similar results. It is the view of the Company that
the form, orientation and controlling structures of the gold mineralisation at Pepas, first
identified in hole PEP-001, remain unresolved by this later drilling, and that the Pepas
target remains largely untested.
Figure 3. Pepas Prospect, detailed scale - drilling and sampling
During 2024, while the Company was negotiating the return of the Project from its JV
partners, staff at the Company were granted access to the Pepas site in order to
commence the necessary logistical planning and social and community liaison to allow
the Company to drill once the agreement had completed.
As part of this process, the Company's geological teams undertook more detailed
sampling and geological mapping across the Pepas prospect to gain a better
understanding of potential geological controls to target future drilling.
The Company's exploration teams carried out soil and rock chip sampling across the
prospect, concentrating on roads and tracks that had been newly opened to facilitate
planned drilling. In addition, the Company identified two abandoned artisanal mining
tunnels (A and B, Figure 3) close to the original silicified tuff targeted by hole PEP -
001.
Channel rock-chip sampling of the new tracks have identified a large extent of highly
anomalous mineralisation over an area roughly 120m in length, with multiple rock chip
results over 2g/t Au, several over 5g/t Au and one of 80g/t Au.
The abandoned artisanal tunnels were entered and mapped by the Company's
geological teams, taking 1m composite channel samples along the entire length of
each tunnel, roughly 20m in each case.
Figure 4. Channel sampling results, artisanal tunnel A
Figure 5, Channel sampling results, artisanal tunnel B
Mapping of these tunnels not only showed the same lithologies and alteration as seen
in nearby drilling (andesites, tuffs, silicification and brecciation) but similar or higher
gold grades.
The first tunnel sampled (tunnel A), returned channel sample assays varying from
0.35g/t Au to 10.16g/t Au (Figure 4), while the second tunnel (tunnel B), returned high-
grade gold assays for most of its length (Figure 5), up to a maximum of 195g/t Au near
the mouth of the tunnel.
The Company considers these results to be highly encouraging not only in the
exceptional grades measured but the large area over which they were recorded. In
addition, the lithologies and structures mapped in the tunnels have provided greater
geological context to the gold mineralisation intersected in hole PEP -001, some 61m
distant from tunnel B (Figure 6).
In order to better define the orientation and controls of this mineralisation, the
Company plans to locate several new holes collared near the entrance of tunnel B,
oriented such as to intersect PEP -001 and the holes beneath. It is anticipated that
once the orientation of mineralisation is better defined, its scale can then begin to be
assessed with gradual step out drilling.
In the meantime, geological teams continue mapping and sampling to better define
the prospect.
Figure 6. Pepas cross section
El Cedro/El Roble
El Cedro and El Roble were two prospects to the south of the Project area that were
first identified as a result of mapping and geochemical surveys by Anglo American
before the Company acquired the Anzá Project.
As with Pepas, the region remained largely untouched until the abatement of Covid.
Geological mapping and sampling began in these southern prospects in 2022,
ramping up in 2023. Interpretation of later mapping and sampling results suggests
that El Cedro and Roble could potentially be different parts of the same porphyry
system. Porphyry lithologies and alteration assemblages have been mapped over a
roughly 2km x 2km area, with extensive areas of quartz veining with highly anomalous
gold values up to 10g/t Au (Figure 7).
Following the technical completion of the SPA, which the Company is actively
progressing, the Company plans to mobilise geological teams to map the area in more
detail, with the objective of identifying drill targets.
Figure 7. El Cedro and El Roble geology and rock chip samples
Orosur CEO Brad George commented:
"Mapping and sampling by ourselves and our previous JV partners are showing the
enormous potential across the Anzá project. Pepas particularly is showing excellent
numbers and we are aiming to be drilling here in the short term."
For further information, visit www.orosur.ca , follow on twitter @orosurm or contact:
Orosur Mining Inc.
Louis Castro, Chairman,
Brad George, CEO
Tel: +1 (778) 373-0100
SP Angel Corporate Finance LLP - Nomad & Joint Broker
Jeff Keating / Caroline Rowe
Tel: +44 (0) 20 3 470 0470
Turner Pope Investments (TPI) Ltd - Joint Broker
Andy Thacker/James Pope
Tel: +44 (0)20 3657 0050
Flagstaff Communications and Investor Communications
Tim Thompson
Mark Edwards
Fergus Mellon
Tel: +44 (0)207 129 1474
The information contained within this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been
incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the
public domain.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Orosur Mining Inc.
Orosur Mining Inc. (TSXV: OMI; AIM: OMI) is a minerals explorer and developer currently operating in Colombia,
Argentina and Nigeria.
About the Anzá Project
Anzá is a gold exploration project, comprising three exploration licences, four exploration licence applications,
and several small exploitation permits, totalling 207.5km2 in the prolific Mid-Cauca belt of Colombia.
The Anzá Project is currently wholly owned by Orosur via its subsidiary, Minera Anzá S.A.
The project is located 50km west of Medellin and is easily accessible by all-weather roads and boasts excellent
infrastructure including water, power, communications and large exploration camp.
The Anzá Project is subject to an Exploration Agreement with Venture Option dated September 7th, 2018, as
announced on September 10th, 2018, between Orosur's 100% subsidiary Minera Anzá S.A ("Minera Anzá") and
Minera Monte Águila SAS ("Monte Águila"), a 50/50 joint venture between Newmont Corporation ("Newmont")
(NYSE:NEM, TSX:NGT), and Agnico Eagle Mines Limited ("Agnico") (NYSE:AEM, TSX:AEM).
Qualified Persons Statement
The information in this news release was compiled, reviewed and verified by Mr. Brad George, BSc Hons (Geology
and Geophysics), MBA, Member of the Australian Institute of Geoscientists (MAIG), CEO of Orosur Mining Inc.
and a qualified person as defined by National Instrument 43-101.
Orosur Mining staff follow standard operating and quality assurance procedures to ensure that sampling techniques
and sample results meet international reporting standards.
Sampling procedures within the artisanal mining tunnels involved systematic channel sampling on both walls of the
tunnel at a height of 1 meter from the floor. Channel samples were taken with a length of 1 meter and a width of